India’s Shapoorji Pallonji Group plans to seek about $1 billion by bringing outside investors into its solar unit, as it embarks on a series of asset sales across the 153-year-old conglomerate to reduce debt.
The group, owned by reclusive billionaire Pallonji Mistry, will sell as much as 30 per cent in the solar engineering arm of Sterling & Wilson Pvt, said Jai Mavani, executive director at conglomerate’s flagship company. The funds would be raised through a pre-listing stake sale followed by a public offering.
A separate listing of Eureka Forbes Ltd., the water purification unit of publicly-traded Forbes & Co.,